LAFARGE AFRICA PLC – Proposed Rights Issue & Merger with UNICEM
Lafarge Africa Plc. has announced that it will seek its shareholders’ approval at its upcoming Annual General Meeting scheduled to hold on 7th June, 2017, for a Rights Issue of up to N140 billion and the merger of UNICEM into the Company.
The proposed Rights Issue will strengthen the capital structure of the Company by reducing its foreign exchange exposure. UNICEM, which is 100% owned by Lafarge, has an FX loan of circa $600m. Under the Rights Issue, LafargeHolcim Group will take up its rights and convert its portion of the above loan into equity.
AFRICA PRUDENTIAL REGISTRARS PLC – Change of Name to Africa Prudential Plc.
Africa Prudential Registrars Plc. has notified the market of the change its name from Africa Prudential Registrars Plc. to Africa Prudential Plc. sequel to the resolution passed by the Company’s shareholders at its AGM held on 28th March, 2017. The change of name was implemented by The Nigerian Stock Exchange today, 15th May, 2017.
WEMA BANK PLC – Resignation of Chairman
Wema Bank Plc. has announced the resignation of the Chairman of its Board of Directors, Mr. Adeyinka Asekun, with effect from 10th May, 2017. Adeyinka’s resignation was necessitated by his nomination and confirmation as an Ambassador of the country.
The Bank also announced the appointment of Mr. Babatunde Kasali, a Non-Executive Director of the Bank, as the new Chairman of the Board.